Breaking News: Phillies Sign Cole Hamels For 3 Years

Jon Heyman of SI.com reports the Phillies have signed pitcher Cole Hamels to a three-year, $20.5 million contract. Hamels has avoided arbitration.

Hamels will get $4.35 million in 2009, $6.65 million in 2010 and $9.5 million in 2011. It’s the largest deal for a pitcher in his first deal of arbitration.

As it stands, that’s a steal for Hamels, and provides him with the security he wants until he turns 28. It takes out three of his four arbitration years (Hamels is a Super-Two and can hit arbitration once more in 2012), meaning the Phils could be potentially saving a couple million with this deal. Of course, down the road it could mean a huge deal for the ace left-hander, but for now, it’s a very solid deal for both sides.